Glennelle's Boutique Inc. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. C-1. Assume that the actual tax bill, received in May 2020, was for $7,550. Use the horizontal model to show the effects of the appropriate adjustment to the amount previously accrued. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)